EAST WEST BANCORP INC
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
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Income Taxes
| Three Months Ended June 30, · Six Months Ended June 30, | |||||||
|---|---|---|---|---|---|---|---|
| ($ in thousands) · 2025 · 2024 · % Change · 2025 · 2024 · % Change | |||||||
| Income before income taxes | $402,232 | $364,468 | 10% | $793,387 | $736,720 | 8% | |
| Income tax expense | $91,979 | $76,238 | 21% | $192,864 | $163,415 | 18% | |
| Effective tax rate | 22.9% | 20.9% | 24.3% | 22.2% | |||
Second quarter 2025 income tax expense was $92 million and the effective tax rate was 22.9%, compared with second quarter 2024 income tax expense of $76 million and an effective tax rate of 20.9%. For the first half of 2025, income tax expense was $193 million and the effective tax rate was 24.3%, compared with income tax expense of $163 million and an effective tax rate of 22.2% for the same period in 2024. The year-over-year increases in income tax expense and effective tax rate were primarily due to higher pre-tax income and the one-time revaluation of deferred tax assets due to the adoption of the California single sales factor apportionment method, partially offset by favorable adjustments from a lower California state tax apportionment. The Company recorded a $6 million increase in income tax expenses due to the adoption of the California single sales factor apportionment method, during the second quarter of 2025.
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